LightSquared has filed for bankruptcy, saying it will seek to resolve the concerns of U.S. regulators who thwarted the company’s plan to build a nationwide high-speed wireless network that tests showed interfered with GPS signals. According to a Bloomberg report, LightSquared listed assets of $4.48 billion and debt of $2.29 billion in the bankruptcy filing, which is “intended to give LightSquared sufficient breathing room to continue working through the regulatory process that will allow us to build our 4G wireless network,” Chief Financial Officer Marc Montagner is quoted in the report.

LightSquared Inc. was preparing Sunday to file for bankruptcy protection after negotiations with lenders to avoid a potential debt default faltered, according to a report in the Wall Street Journal. LightSquared is the company that received a conditional waiver from the FCC to build a wireless network on a spectrum that interfered with GPS, a move fought vehemently by general aviation advocacy groups.

LightSquared, a company that wants to build a network of 40,000 land-based towers i the U.S. for high-speed wireless transmissions, is continuing its fight. In a recent filing with the Federal Communications Commission, company officials state that a ruling proposed by the FCC staff that would effectively revoke LightSquared’s license to operate its network is “entirely unsupported by the law, science, and FCC policy and precedent.”

WASHINGTON, D.C. — Sen. Chuck Grassley and Rep. Michael Turner have asked the National Telecommunications and Information Administration to account for how much taxpayer money the federal government spent to test LightSquared’s wireless network for interference with GPS and government telecommunications devices.

Billionaire Philip Falcone’s LightSquared wireless venture is cutting 45% of its jobs — about 150 positions — after the Federal Communications Commission rejected its plan to start operating, after finding that the proposed network interferes with GPS signals, according to a Bloomberg News report. Company officials said the move was intended to reduce costs while it works to resolve the regulatory objections.

WASHINGTON, D.C. — After long and detailed — and often contentious — efforts to work out a safe way for LightSquared to build a network of about 40,000 land-based towers in the U.S. for high-speed wireless transmissions without interfering with GPS, the battle seems to be nearing a satisfactory conclusion for general aviation and others using GPS.

The Federal Communication System is expected to rescind a conditional waiver issued to LightSquared last year after it was informed on Feb. 14 by the National Telecommunications and Information Administration (NTIA) that there is no practical way to prevent interference of GPS frequencies from the planned LightSquared network. Industry observers note this could be a death knell for LightSquared’s plan.

The Hill is reporting that the Federal Communications Commission (FCC) has moved to reject LightSquared’s planned wireless network after the president’s top adviser on telecom issues said there is “no practical way” to prevent the network from disrupting GPS devices. Read the full report here.

AOPA is calling for the Federal Communications Commission to revoke LightSquared’s conditional approval to develop a mobile-satellite network, noting that “a technical committee that analyzed test data has concluded that the transmissions pose intractable interference problems for aviation navigation and other uses of GPS.” Read the full report here.